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Primeo Fund v HSBC: Cayman Islands: In an important judgment delivered on 13 June 2019, the Cayman Islands Court of Appeal (Beatson, Birt and Field JJA) dismissed the appeal brought by Primeo Fund (in Official Liquidation), a Madoff feeder fund, against the Grand Court judgment (Jones J) which had dismissed Primeo’s US$2 billion claim.
On June 17, 2019, the US Supreme Court issued a 7-2 decision in Gamble v. United States,1 reaffirming the Court's longstanding "separate sovereigns" doctrine under the Double Jeopardy Clause of the Fifth Amendment to the US Constitution.
The DIFC has enacted the DIFC Insolvency Law 2019 which repeals and replaces the Insolvency Law 2009. Together with the expanded and restated Insolvency Regulations 2019, the new insolvency regime will take full effect on 13 June 2019.